♦ Parliament has passed the Banking Laws (Amendment) Bill 2024, with the Rajya Sabha approving it on 26 March 2025.

♦ The bill introduces significant changes to banking regulations by amending the Reserve Bank of India Act 1934, the Banking Regulation Act 1949, the State Bank of India Act 1955, and other banking laws.

♦ Lok Sabha had passed The Banking Laws (Amendment) Bill in December 2024. 

♦ The bill allows bank account holders to have up to four nominees. 

♦ Another change in the bill relates to redefining of term 'substantial interest' of a person in a bank. The limit is sought to be enhanced to Rs.2 crore from the current Rs.5 lakh, which was fixed almost six decades ago.

♦ The bill also seeks to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011.